VEGOILS-Palm edges down on firmer ringgit, weaker related oils
* Palm lower after three straight sessions of gains
* Uncertainties about U.S.-China trade talks weigh - trader
* Palm oil still targets 2,269-2,277 rgt/t range -
Technicals
By Emily Chow
KUALA LUMPUR, Aug 21 (Reuters) - Malaysian palm oil futures
edged lower on Tuesday after three straight sessions of gains,
dragged by a stronger ringgit and weaker related edible oils.
The benchmark palm oil contract for November delivery
on the Bursa Malaysia Derivatives Exchange was down
0.4 percent at 2,247 ringgit ($547.38) a tonne at the midday
break.
Trading volumes stood at 17,284 lots of 25 tonnes each at
noon. (1FCPO-TOT)
"The market is lower tracking weaker soyoil and as the
ringgit is firmer," said a futures trader in Kuala Lumpur.
The ringgit was last up 0.2 percent at 4.0920 per
dollar. Gains in the ringgit, the currency of trade for
palm oil, typically make the vegetable oil more expensive for
foreign buyers, thus limiting demand.
Uncertainties surrounding the trade talks between China and
the United States have contributed to the bearish trading
sentiment in the palm market, said another trader.
In other related oils, the Chicago December soybean oil
contract was down 0.2 percent, while the January soybean
oil contract on China's Dalian Commodity Exchange
declined 0.4 percent.
Meanwhile, the Dalian January palm oil contract
edged down 0.7 percent.
Palm oil prices are impacted by movements of other edible
oils, as they compete for a share in the global vegetable oils
market.
Palm oil still targets a range of 2,269-2,277 ringgit per
tonne as it has cleared a resistance at 2,240 ringgit, said Wang
Tao, a Reuters market analyst for commodities and energy
technicals.
Palm, soy and crude oil prices at 0530 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP8 2205 -10.00 2203 2207 139
MY PALM OIL OCT8 2226 -10.00 2222 2230 3532
MY PALM OIL NOV8 2247 -8.00 2242 2251 6503
CHINA PALM JAN9 4916 -30.00 4906 4956 154490
OLEIN
CHINA SOYOIL JAN9 5864 -24.00 5848 5890 218624
CBOT SOY OIL DEC8 28.81 -2.50 28.61 28.86 1972
INDIA PALM OIL AUG8 601.50 -2.50 601.50 602.8 134
INDIA SOYOIL SEP8 740.5 -2.15 740 742.4 1550
NYMEX CRUDE SEP8 66.67 +0.24 66.53 66.76 107
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
($1 = 4.1050 ringgit)
($1 = 70.0900 Indian rupees)
($1 = 6.8740 Chinese yuan)
(Reporting by Emily Chow; Editing by Subhranshu Sahu)